Determine the total factor productivity in 2014 of the company.

To determine the total factor productivity in 2014 of the company, follow these steps: Step 1: Understand the concept of total factor productivity (TFP): Total factor productivity refers to the amount of total production that has been made without additional input requirement due to the efficient and adequate use of the input. It is calculated by calculating the ratio between the total outputs made and the total amount of input used. Step 2: Gather the necessary information: In this case, you need to know the total output produced in 2014, which is 2,203,200 units, and the total amount of fabric used, which is 1,440,000 yards. Step 3: Calculate TFP: To calculate TFP, you can use the following formula: $TFP=\frac{\text{Total output produced}}{\text{Total amount of input used}}$ Substituting the values from the given information: $TFP=\frac{2,203,200}{1,440,000}$ Step 4: Perform the calculation: Divide the total output produced (2,203,200 units) by the total amount of fabric used (1,440,000 yards) to find the TFP. Step 5: Present the answer: The TFP for the company in 2014 is the result obtained from the previous calculation.